Pregrine Delisted today by NASDAQ.
What does this mean? I have stock thru Buy and Hold -- I'm not sure what this now means... Can someone explain?
What does this mean? I want to know as well. But one thing it means for me is that I got a flag on my Etrade portfolio saying that they need more information about PRGNE. As I never recorded it anywhere else, can anyone tell me what the price was on PRGN at the time RMDY shareholders received their shares? I believe this was on 9/6/02.Harold
The stock is now traded on the "green sheets." You have to add an "e" to the end to get the quotes. 'PRGNE'. As a lark once I bought a few shares of Service Merchandise. They went into chapter 11 and were liquidated. The stock still trades, however. Worth a half a cent last time I looked.If Peregrine can get their accounting straight, they can get re-listed on NASDQ. They are appealing the ruling on the basis of having to replace Anderson to get valid accounting.I don't own the stock but I like the product. There is value there. It could be that the company has been looted though and the liabilities overwhelm the assets. If so, they are on their way out. I don't know what to suggest. The stock closed at $.30 today. If I had a few hundred shares, I would hold it. If it was a significant stake, I would get out. $.30 is much better than $.005. Best of luck to you.Ken
I just went out on Edgar to see what Peregrine is telling the SEC. The last posting is their loan agreement with Foothill Capital, a Silicon Valley outfit. The loan is for $56 million, net $50 million to Peregrine. The loan colateral is basically everything of value in the company, the most valuable of which in my view is their customer service intellectual property (software). It also forced the sale of the supply chain business to Golden Gate Capital. Repayment of the loan is at the rate of just over $1 million a month, beginning in February of 2003 and ending with a baloon payment at the end of the year. Both of these investment firms a vulture capital outfits looking for assets at very distressed prices. They did well here.Sexton is pretty closed mouth about what all this means but I infer is that this bridge loan will keep the company going through 2003 at the current business rate and that it is unlikely that they will enter bankruptsy court in the near term. That also implies that they will clean up their books and get re-instated on NASDQ.Where they are is in a horse race. If the economy improves and they execute well and get back on their feet, they will emerge winners by the end of next year. If they don't, Foothill Capital will get all the assets of the company and the stock will be worthless.Ken
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |